Chevron 2004 Annual Report Download - page 81

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CHEVRONTEXACO CORPORATION 2004 ANNUAL REPORT 79
 EARNINGS PER SHARE – Continued
Year ended December 31
 2003 2002

Income from continuing operations  $ 7,382 $ 1,102
Add: Dividend equivalents paid on stock units 2 3
Add: Affiliated stock transaction recorded to retained earnings1 170 –
Income from continuing operations available to common stockholders  $ 7,554 $ 1,105
Income from discontinued operations  44 30
Cumulative effect of changes in accounting principle2 (196) –
Net income available to common stockholders – Basic  $ 7,402 $ 1,135
Weighted average number of common shares outstanding3  2,123 2,121
Add: Deferred awards held as stock units 2 2
Total weighted average number of common share outstanding  2,125 2,123
Per-Share of Common Stock
Income from continuing operations available to common stockholders   $ 3.55 $ 0.52
Income from discontinued operations  0.02 0.01
Cumulative effect of changes in accounting principle (0.09) –
Net income – Basic   $ 3.48 $ 0.53

Income from continuing operations  $ 7,382 $ 1,102
Add: Dividend equivalents paid on stock units 2 3
Add: Affiliated stock transaction recorded to retained earnings1 170 –
Add: Dilutive effects of employee stock-based awards 2 2
Income from continuing operations available to common stockholders  $ 7,556 $ 1,107
Income from discontinued operations  44 30
Cumulative effect of changes in accounting principle2 (196) –
Net income available to common stockholders – Diluted  $ 7,404 $ 1,137
Weighted average number of common shares outstanding3  2,123 2,121
Add: Deferred awards held as stock units 2 2
Add: Dilutive effect of employee stock-based awards 2 3
Total weighted average number of common share outstanding  2,127 2,126
Per-Share of Common Stock
Income from continuing operations available to common stockholders   $ 3.55 $ 0.52
Income from discontinued operations  0.02 0.01
Cumulative effect of changes in accounting principle (0.09) –
Net income – Diluted   $ 3.48 $ 0.53
1 2003 amount is the company’s share of a capital stock transaction of its Dynegy affiliate, which, under the applicable accounting rules, was recorded directly to retained earnings.
2 Includes a net loss of $200 for the adoption of FAS 143 and a net gain of $4 for the company’s share of Dynegy’s cumulative effect of adoption of EITF 02-3.
3 Share amounts in all period reflect a two-for-one stock split effected as a 100 percent stock dividend in September 2004.